Using a novel empirical approach and an extensive dataset developed by the Fiscal Affairs
Department of the IMF, we find no evidence of any particular debt threshold above which …

We show that macroprudential regulation can considerably dampen the impact of global
financial shocks on emerging markets. More specifically, a tighter level of regulation reduces …

We provide a theory of the limits to monetary policy independence in open economies arising
from the interaction between capital flows and domestic collateral constraints. The key …

This SDN revisits the debate on bank resolution regimes, first by presenting a simple model
of bank insolvency that transparently describes the trade-off involved between bail-outs, bail-…

Whether in crypto assets or in CBDCs, design choices can make an important difference to
the energy consumption of digital currencies. This paper establishes the main components …

… Prepared by Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, and Damiano Sandri …
prepared by Itai Agur, Damien Capelle, Giovanni Dell’Ariccia, and Damiano Sandri. … These …

The paper presents a tractable model to understand how international financial institutions (IFIs)
should deal with the sovereign debt crisis of a systemic country, in which case private …

In this paper we assess the implications of precautionary savings for global imbalances by
considering a world economy model composed by the US, the Euro Area, Japan, China, oil-…

A reduction in the US current account deficit vis-à-vis emerging Asia involves a shift in demand
from US to emerging Asia tradable goods and a change in international relative prices. …

Over the last few decades, Brazil has experienced relatively weak economic growth due to
stagnant productivity. To boost productivity, Brazil should embark on an ambitious structural …